This weekend, The People’s Action for an Oil-Free Lofoten, Vesterålen, and Senja, Folkeaksjonen, is closing the chapter on a successful decades’ long campaign to protect the area’s waters from oil drilling. The victory is a first step for Norway and other wealthy fossil fuel producers around the world that must lead in ending all new fossil fuel development and manage a decline of existing production.
The history of Shell on the African continent is wrapped in a vortex of controversy that stretches back decades. However, last week, in a significant victory, a High Court in South Africa ruled that Shell’s exploration right to conduct seismic surveys on the so-called “Wild Coast” of the country was granted unlawfully.
Today the Obama Administration once again demonstrated climate leadership by taking the Arctic Ocean off the table in its five-year offshore oil and gas drilling plan. The move was a logical next step from the exclusion of Atlantic waters announced earlier this year.
New analysis released today shows that the World Bank Group continues to finance billions of dollars in oil, gas, and coal projects each year, including projects to explore for new fossil fuel reserves.
The World Bank Group continues to invest in exploration for new fossil fuel reserves despite clear signs that we already have far more fossil fuels than we can afford to burn, and over the last five years, the World Bank Group’s total fossil fuel finance has trended upwards, with finance into the billions of dollars nearly every year.
Public support for fossil fuel exploration in rich countries is nearly triple the amount pledged to the Green Climate Fund.
G20 countries are estimated to be spending $88 billion every year subsidising exploration for fossil fuels. This new report documents, for the first time, the scale and structure of fossil fuel exploration subsidies in the G20 countries.
Late last week, the Norwegian government issued a license to energy giant Statoil to allow it to start drilling in the controversial Arctic waters of the Barents Sea.
World Bank Group finance for projects that included fossil fuel exploration was highest in FY2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects in 2013.
World Bank Group finance for fossil fuel exploration projects from FY2008 to 2013 was highest in 2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects.